The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-10-04

PURCHASE OF THE oGLETHORPE
BARRACKS PROPERTY.

The Price to be Paid S4e, 5oo-Business
Men Not Pleased With the Location
The Cotton Exchange to Express It's
Opinion To-Day-His6ory of the Prop
erty.
The location OF the new public building is
at last settled. Capt d. q. Purse who has
been negotiating with the Treasury Depart
ment for some time past, was advised yes
terday that the government has accepted
his offer to sell a part of the barracks
property for that purpose. The part pur-
chased is the Western, or Bull street, half OF
the block, extending 12O feet on Liberty
street and 20 feet or Bull street from
Liberty south to Harris.
The price paid is about S49. 500, the exact
amount depending upon what there is on
hand in the Treasury to the credit of the
Savannah public building fund after the
supervising architects expenses are paid
TALK ABOUT THE SITE.
The site is not where the business interests
OF the city would like to have it. The pur
chase was the gossip of the afternoon
on the Bay. Bay street business men
don't like the location, because they say it
is too far from the business centre of the
city. This was the general expression at
the Cotton Exchange. The present location
suits Bay street houses well enough, and
they do not want it changed. 1.-The post
Office ought not TO 60 south of Broughton
street any way remarked a prominent
cotton merchant
WHAT BUSINESS MEN SAY.
A MORNING News reporter talked with
dozen or more retail merchants on Brough-
ton and Congress streets. Its too far out"
they said. South Broad was far enough.
We didn't kick at that but when it comes
to sending out to Liberty street for our mail
why that's too. much. There is some salts
faction anyway in knowing that the mattel
Is finally settled" These are soEie of the
expressions that were heard.
Ageneral meeting Of the Cotton Exchange
Will he held this morning for the purpose of
obtaining an expression of opinion from its
members in regard to the location.
THE ORIGINAL PURCHASE.
The barracks property was originally
purchased from the government at public
sale at the minimum price fixed by the War
Department by 100 gentlemen, each of
whom pledged himself to pay one-hundredth
part of the amount necessary, which in
round figures was put at ST., 900.
An effort was made to raise an
amount sufficient to erect a first-class
wooden hotel on the site, and numberleSs
schemes were suggested to accomplish that
object, but without success. A company
was then chartered and organized under
the name of the Oglethorpe Real Estate
Company 10 hold the property Nearly all
the subscribers of the original purchase
money joined the organization and accepted
stock in the company for their subscriptions.
seven shares o. 500 each being given for
the SG70 paid in.
THE HOTEL SCHEME.
After this organization, was perfected
building of the new hotel, the last one being
published offer, advertised throughout the
country, Offering to sell the entire
property to any person or COM
pany that would guarantee to erect a
suitable building. The failure of these
various efforts TO carry out the original pur-
pose for which the barracks was bought
caused many of the holders to dispose of
their stock, some of which is said to have
been sold for SOC. on the dollar.
MADE BY THE DEAL.
There are several large individual hold
ings, ranging from twenty eight to ninety
two shares, which were bought or represent
much less than the par value of the
stock, and which will realize a very hand
some margin of profit to the holders A
peculiar feature, however, in the history of
the entire transaction is that with all the
changes in the stock, there IS the name of
but one person on the list now, that was not
on the original list Of purchasers, showing
that what stock was offered for sale was
bought by those inside of the organization